Indian investigators arrested a central bank official Tuesday for allegedly illegally exchanging old bills worth some 15 million rupees ($222,000) for new ones as the country faces a cash crisis.
The arrest comes at a time when many Indians are struggling to find the cash to buy food following the government’s shock move last month to withdraw high-denomination 500 and 1,000 rupee banknotes from circulation in a bid to tackle tax evasion. Continue reading “India arrests central bank official over cash scam”